They didn't gave the users a customizable profile and the access to edit it but gave the access of everything to users, even to become the moderator of the sub-reddits.

After a long success with time the reddit started to gave the users a prestigious awards in the basis of contribution and along with Karma. They put forward many awards on different category like - Well-rounded, Two-Year Club, Bellwether, Best Link, Best Comment, ComboLinker, ComboCommenter, Inciteful Link, Inciteful Comment, One-Year Club, Three-Year Club, Four-Year Club.
So start contributing over reddit for receiving these all awards, they are daily giving aways these Award Badges... Most Prestigious Redditor!!